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Cardano: The Third Generation Blockchain

Let’s take it from the top of the cryptoverse and blockchain world. We saw the rise of Bitcoin, the financial system powered by blockchain tech and we have also seen Ethereum coming into the picture, which is the smart contracts system based of course on blockchain. It’s a fact that these two have established arguably an unprecedented place in this new digital revolution. Now what’s next? Here’s a bright idea, how about a system that could do both, a system that merges both the king and the jack of the blockchain world, that too in a more efficient way? Cardano is doing just that.

Self dubbed as the third generation blockchain, Cardano is a decentralized system, based on blockchain and very much like Ethereum it is a smart contract platform, thus it can be used to run decentralized apps (dApps). Developed by Charles Hoskinson, who also happens to be one of the co-founders of Ethereum, Cardano’s similarity to Ethereum doesn’t come as much of a surprise. However, Cardano focuses on the matter of security through its system, the architecture of which comprises of layers.

Apparently Cardano is the first of its kind to be created from scientific philosophy and built on the foundation of peer-reviewed academic research. The team behind the platform is working on an ecosystem that caters to the end-users as well as regulators; hence Cardano itself can be deemed as an attempt to find a middle ground in order to balance the fickle thread; which is the necessity for regulation while keeping privacy and decentralization at its core.

How Does Cardano Work?

As mentioned earlier, Cardano’s architecture consists of two layers that are responsible for separating the ledger of account values and the reason of movement of values from one account to another. This separation facilitates in the flexibility of the smart contracts on the platform. Futhermore, it opens a door of opportunity for businesses, allowing them to exclusively hand tailor the priva...

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